IJNT
check out the 1000% increase in revenues
Thursday July 15, 2:10 pm Eastern Time
Company Press Release
IJNT.NET Reports Fiscal Year Ended March 31, 1999
Revenue Gain of 1,056%
HOUSTON--(BUSINESS WIRE)--July 15, 1999--IJNT.NET (OTC BB:IJNT), formerly known as IJNT International,
today reported that its revenue for the fiscal year ended March 31, 1999 was $1,552,194, an increase of 1,056% over the last
year, and anticipates further growth with the addition of its new corporate headquarters located in the Williams Tower,
Houston, Texas. The Williams Tower location boast one of IJNT.NET's most extensive state of the art two-way wireless
networks.
The year in review:
-- Acquires Man Rabbit House Multimedia, Inc., a world class
web development and hosting company
-- Enters the Concord California marketplace through acquisition
-- Enters the Petaluma, California marketplace through acquisition
-- Forms the URJET Backbone Network (UBN) subsidiary and begins
applications for competitive local exchange carrier (CLEC) status in
several states
-- Launches its wireless operations in Irvine, California
-- Expands into the Los Angeles market with co-location space at the
One Wilshire Building
-- The Company's existing Salt Lake City, Utah market increases in
revenue by 1,499%
-- The Company's existing Beaumont, Texas market increases in revenue
by 6,595%
-- Previously acquired Houston-based Access Communications increases
in revenue by 365%
-- Company expands its International ISP by teaming with Level (3)
Communications, Electric Lightwave Industries, Firstworld
Communications, UUNet, and Star Telecom
-- Company secures equity line of up to $10 million
-- Acquires Webit of Utah, Inc.
Vice president of finance Craig A. Hewitt commented on the Company's results stating, ''This unprecedented growth comes as
a result of development into multiple new markets, acquisition into multiple existing markets, and expansion of the Company's
infrastructure of technology and human resources. The Company has increased its technology assets 237% and its human
resources by greater than 300% since the year ended March 31, 1998. We are right on track with our business plan and will
continue to grow into the future using the same means, along with further developments of our plan.''
Subsequent events:
The Company has recently acquired FairAuction.com, an online auction web site that generated in excess of one million dollars
in gross revenue in the year prior to being acquired by IJNT. The Company plans to increase upon this revenue base through
additional promotion and expanding the range of products auctioned on the site. Currently, FairAuction.com exclusively sells
computers, computer peripherals, and computer parts. The Company also has recently acquired Micro-Lite Television of
Beaumont, Texas Inc., a wireless cable television to homes and businesses in the greater Beaumont area. The Company is
currently in the process of configuring the television service to meet the particular needs of business subscribers with greater
emphasis on news and financial information programming.
IJNT.NET opens new corporate headquarters in the Williams Tower (formerly Transco Tower) Houston, Texas
Financial Results:
The Company's revenues for the year ending March 31, 1999 totaled $1,552,194, which amounted to an increase of 1,056%
from the revenues of $147,057 from the year ending March 31, 1998. This increase was a result of the Company's expansion
of its existing markets and the launching of additional markets and acquisitions. IJNT anticipates additional increases in revenues
in the following fiscal year.
The Company's cost of sales for the year ending March 31, 1999 equaled $543,657, compared with $66,405 in the previous
year. This increase is a result of increased total sales. The Company's gross profit for the fiscal year was $1,008,537,
compared with $80,652 in the year ended March 31,1998, and increase of 1,154% over the year. The FY99 gross profit
represents a gross profit percentage of 65%, compared with 55% from a year ago. Since much of the cost of sales figures are
fixed, such as the cost of T-1 and T-3 connections, the Company anticipates that the gross profit percentage will continue to
increase as additional subscribers are added. The Company incurred a loss of $5,073,387 in the year ended March 31, 1999.
The Company hopes to continue to increase revenues and gross profit in the upcoming fiscal year while controlling the growth
of SG&A expenses.
Subsidiary/Division Results:
The bulk of the Company's revenue was derived from its wireless ISP and international ISP operations under the name of UrJet
Internet. IJNT currently is operating five wireless systems: Salt Lake City, launched in January 1998; Beaumont, launched in
March 1998, currently this system is only offering dial-up services; Houston, a dial-up ISP was acquired in January of 1998
and wireless services commenced after the end of the March 31, 1999 fiscal year; San Francisco Bay Area, acquired in
January 1999; and Irvine/Orange County, California, wireless services commenced after the end of the fiscal year 1999. The
Salt Lake City System accounted for approximately $535,756 in revenues for the fiscal year ended in 1999, compared with
$33,500 in revenues for the year ended in 1998. This represents an increase of 6595%. Beaumont grossed approximately
$73,645 in revenues, compared with $1,100 in the prior year. This represents an increase of 6595%. The Houston System
recorded revenues of $512,320 for the fiscal year, compared with $110,200 in the previous fiscal year, an increase of 365%.
The Man Rabbit House Multimedia (MRHM) subsidiary was acquired in August of 1998. MRHM accounted for $391,626 in
gross revenues for the fiscal year ended March 31, 1999. The UrJet Backbone Network was operational in some areas of
California as of January 1999. For the fiscal year ended March 31, 1999, UBN collected approximately $39,000 in gross
revenues.
Acquisitions:
In August of 1998, the Company acquired Man Rabbit House Multimedia, Inc. (MRHM), a California corporation, as a
wholly owned subsidiary. MRHM specializes in high-end web site design and development, and boasts a substantial and
impressive client base ranging from dealers of performance automobiles to lifestyle apparel. In April 1998, the Company
acquired Webit of Utah, Inc., which is an on-line web-hosting company. Individuals can create and modify their own web
page, and host it on the Webit of Utah server. In February 1999, the Company acquired Global Broadband, which provides
the Concord and Petaluma, California areas with wireless connectivity. In July 1998 the Company acquired Cedro Group,
which substantially increased the MRHM client base with numerous large name sporting goods web sites.
-0-
IJNT.NET, Inc.
And subsidiaries
Condensed Consolidated Balance Sheet
(Audited) March 31, 1999
Total current assets $1,869,437
Total assets $6,327,978
Total current liabilities $671,513
Total liabilities $867,192
Total stockholders' equity $5,460,786
IJNT.NET, Inc.
Condensed Consolidated Statement of Operations
(Audited)
Fiscal year ended Fiscal year ended
March 31, 1999 March 31, 1998
Net sales $1,552,194 $147,057
Total cost of goods sold $543,657 $66,405
Gross profit $1,008,537 $80,652
Total operating expenses $6,145,888 $2,137,376
Net operating income (loss) $(5,137,351) $(2,056,724)
Other income, net $ 63,964 $(338,760)
Net income (loss) $(5,073,387) $(2,395,484)
Net income (loss) per common share $(.35) $(.21)
IJNT.net provides high-speed, wireless Internet access and telecommunication services to homes and businesses without the
use of phone lines. The Company's subscriber base is increasing as the service expands nationwide. IJNT also provides
website development, online advertising, and e-commerce services as well as dial-up Internet access throughout the U.S. and
internationally. The Company's rapid growth is the result of aggressive marketing and sales, internal development, acquisitions,
and strategic alliances.
This press release may contain forward-looking statements made pursuant to the ''safe harbor'' provisions of the Private
Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and
uncertainties, including, without limitation, continued acceptance of the Company's products, subscriber growth, product
demand, competition, and other risks and uncertainties detailed from time to time in the Company's periodic reports, including
Quarterly Reports on Form 10-Q and Annual Reports on 10-K. This and additional information can be found on the
Company's website at www.ijnt.net or can be obtained from the Company upon request.
Contact:
OTC Financial Network IJNT.net
Mario "Ike" Iacoviello Jon H. Marple
Investor Relations Chief Executive Officer
800-683-5227 / 760-931-9211 949-723-2183
ike@otcfn.com jmarple@ijnt.net
www.otcfn.com/ijnt www.ijnt.net
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